Airlines cut small planes as prices soar

Airlines cut small planes as prices soar

MINNEAPOLIS

The little planes that connect America’s small cities to the rest of the world are slowly being phased out.

Airlines are getting rid of these planes — their least-efficient — in response to the high cost of fuel. Delta, United Continental and other big airlines are expected to park, scrap or sell hundreds of jets with 50 seats or fewer in coming years. Small propeller planes are meeting the same fate.

The loss of those planes is leaving some little cities with fewer flights or no flights at all.

The Airports Council International says 27 small airports in the continental U.S., including St. Cloud, Minn., and Oxnard, Calif., have lost service from well-known commercial airlines over the past two years. More shutdowns are planned.

Travelers in cities that have lost service now must drive or take buses to larger airports. That adds time and stress to travel. St. Cloud lost air service at the end of 2009 after Delta eliminated flights on 34-seat turboprops. Now, passengers from the city of 66,000 have a 90-minute drive to the Minneapolis airport 65 miles to the southeast.

Stocks slip slightly to end rough week

NEW YORK

The worst week for the stock market in two months ended with a whimper in thin trading Friday.

The Dow Jones industrial average lost 4.8 percent this week, while the broader Standard & Poor’s 500 index fell 4.7 percent. Both had their worst weeks since Sept. 23.

Major indexes wavered throughout Friday’s session, which was shortened because it’s the day after Thanksgiving. Worries about Europe’s debt crisis flared up again after Italy had to pay 7.8 percent to borrow for two years at a debt auction. It’s another sign that investors increasingly are hesitant to lend to European countries.

The euro slipped to $1.32, losing 2 percent this week against the dollar. The drop puts the euro at its lowest level since Oct. 4.

Average price for gas drops 7 cents

Saving 7 cents on a gallon of gas sounds like small change compared with $200 off the price of a flat-screen TV. But drivers will take it this holiday season.

The average price for a gallon of gas has fallen to $3.31 from $3.38 in just a week. The discount is an even heftier 20 cents a gallon compared with two months ago. In fact, shoppers driving from store to store on the first weekend of the holiday shopping season are paying some of the lowest prices for gas since late winter.

Even with the recent declines, however, the price of gas is 44 cents a gallon higher than on Black Friday a year ago. Tom Kloza, chief oil analysts at Oil Price Information Service, says Americans are on track to spend $488 billion on gas this year. That will eclipse the record set in 2008 by $40 billion. OPIS said last week that U.S. households have spent 8.4 percent of their income on gasoline this year, up from 6.7 percent in 2010 and 7.9 percent in 2008.

From wire reports

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Aqua America, .66, 20.95 —.05

Avalon Holdings,2.91.29

Clear Channel, .65 53.84 —.33

Cortland Bancorp, 7.00.00

Farmers Nat.4.38 .08

First Energy, 2.20, 41.96.10

FirstMerit Corp., .64,12.96 —.08

First Niles Financial, .32,6.90—.30

First Place Fin., .40—.04

FNB Corp., .48,9.80.00

General Motors,20.34.10

General Electric, .60,14.70—.03

Motors Liquidation, .0422.00

Huntington Bank, .16, 4.72.03

JP Morgan Chase, 1.00,28.52.14

Key Corp, .12,6.67.03

LaFarge, 7.67 .01

Macy’s, .40, 29.45—.11

Parker Hannifin, 1.48, 74.98—.89

PNC, 1.40,49.07.19

RTI Intl. Metals,23.10.00

Simon Prop. Grp.,3.20,116.69.91

Stoneridge 6.28 —.09

United Community Fin. 1.00.09

Selected prices at 1 p.m. Friday. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.